What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

What‘s Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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2527 N 212th Drive Buckeye, AZ 85396

$599,999

4 Beds

3 Baths

2,397 SqFt

Status Active

MLS # 6726556

Property Type Single Family Residence

Price Type --

Welcome to this luxurious home with the converted 4 bedroom 3 bathroom option and a 3-car tandem garage. Complete with Next-Gen living capabilities, this multi-generational home features a casita with a kitchenette, family room, bathroom, bedroom, laundry, and separate front and backyard entries, which adds privacy and convenience. Situated at the base of the White Tank Mountains, the Sienna Hills community offers instant curb appeal with lush green landscaping, breathtaking mountain views and, with this premium lot, you will have a view fence with no houses behind you! This home is just a short walk to the resort style pool, clubhouse and fitness center. Also within walking distance are multiple playgrounds, hiking trails, and the Odyssey Preparatory Academy (a charter K-5 elementary school). As you enter the home you'll be greeted by soaring 10-foot ceilings and custom tile floors that lead you through the spacious open floor plan. You will look out of the upgraded 12-foot slider in the great room to the beautiful natural desert view. The Sienna Hills neighborhood is where convenience meets comfort. Nestled just minutes away from an array of restaurants, shopping areas, and Costco, this vibrant community is bustling with activity. Exciting developments, including a movie theater entertainment district, a new Target and a hospital are on the horizon, promising even more convenience and entertainment options for residents.

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1120 E Artesian Way Gilbert, AZ 85234

$599,999

4 Beds

3 Baths

1,902 SqFt

Status Active

MLS # 6751496

Property Type Single Family Residence

Price Type --

Prime Gilbert location in Wind Drift Lake Community. The home features 4 bedrooms, 3 bath with vaulted ceilings and tons of natural light. The open floor plan has large format tile that leads you through the formal living room into the spacious kitchen with custom cabinets and oversized Granite counter tops, large wall pantry, breakfast nook and cozy living room. Just upstairs to the oversized master bedroom and completely remodeled bathroom with step in shower, double sinks and free standing tub. Along with 2 secondary bedrooms with brand new remodeled bathroom. Step out outside to relax with the spacious covered patio over looking the large backyard and sparkling Pebble Fina pool. To the east of the home there is Covered RV Parking with an RV Gate. Quick walk to Freestone Park and Power Line Trail, Close to Shopping, Restaurants, and Freeways!

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22208 N Via Montoya -- Sun City West, AZ 85375

$599,999

2 Beds

2.5 Baths

2,182 SqFt

Status Active

MLS # 6734004

Property Type Single Family Residence

Price Type --

Welcome to your dream retirement home in Sun City West, Az! This stunning single family property boasts 2 bedrooms, 2.5 bathrooms, and a spacious 2182 sq ft. As you step inside, you'll be greeted by a bright and airy living room, perfect for entertaining guests or enjoying a peaceful afternoon with a good book. The high ceilings create an open and inviting atmosphere throughout the home. The kitchen is a chef's dream with a gas range, kitchen island, pantry, and breakfast nook. Imagine preparing meals while enjoying views of the golf course just beyond your backyard. The formal dining area is perfect for hosting dinner parties and creating lasting memories with loved ones. The secluded, oversized, master suite offers his and hers sinks, separate tub and shower and a walk-in closet. The guest suite offers privacy and comfort for overnight visitors. The home office provides a peaceful space for work or hobbies. Outside, you'll find an outdoor kitchen, perfect for barbecues and al fresco dining. Relax by the fountain or gather around the fire pit on cooler evenings. This golf course lot provides the ideal backdrop for enjoying the beautiful Arizona weather. As for the neighborhood, you'll find yourself surrounded by all the amenities you need for a fulfilling retirement. Just a short distance away, you'll discover a variety of Recreation Centers with gyms and swimming pools, pickleball or tennis courts, seven golf courses, clubs of all kinds for your hobbies or other interests. Don't miss out on the opportunity to make this retirement paradise your own!

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2793 E Cobalt Street Chandler, AZ 85225

$599,999

3 Beds

3 Baths

2,114 SqFt

Status Active

MLS # 6732073

Property Type Single Family Residence

Price Type --

**Investors** This property is being offered with a 4 year lease in place. See attached forms for details. This breathtaking residence, built in 2007, boasts a flawless blend of luxury and comfort, nestled in a prime central location just steps from Chandler Traditional Academy and moments away from the vibrant Gilbert Heritage District. Featuring a unique floor plan with three bedrooms and three bathrooms, including two master suites perfectly positioned for privacy, this home elevates living to an art form. Enter through the grand foyer and be greeted by soaring ceilings and an inviting formal living and dining area that exudes sophistication. Continue to the gourmet kitchen, a culinary dream with double convection ovens, a 5-burner gas cooktop, exquisite upgraded cabinetry, and striking granite countertops. The kitchen seamlessly opens to an expansive family room, designed for gatherings and making memories. Step outside to a serene backyard with a covered patio, offering ample space for relaxation and entertainment amidst picturesque settings. Whether hosting lively gatherings or enjoying quiet evenings, this outdoor oasis caters to every occasion. Don't miss the opportunity to own this stunning home, where every detail is crafted for indulgence and functionality. Schedule your visit today and experience the allure of refined living!

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2760 S Seton Avenue Gilbert, AZ 85295

$599,999

4 Beds

2.5 Baths

2,274 SqFt

Status Active

MLS # 6741953

Property Type Single Family Residence

Price Type --

This enchanting 4-bedroom home in the serene Chaparral Estates is the one for you! This home is sure to check all the boxes, boasting a 3 car garage, split floor plan, high ceilings and a corner lot! As you enter, the living room sets a warm ambiance for relaxation. Host festive meals in the formal dining area and make memories in the spacious great room.The kitchen features rich wood cabinets, built-in appliances, a pantry, expansive counters, and a center island with a breakfast bar. Retreat to the expansive main suite, accessible via double doors, featuring a private bath with dual sinks, a soaking tub, and a walk-in closet. Outside, the covered patio and lush grassy area offer a perfect setting for outdoor enjoyment. This home is truly a treasure, ideal for creating cherished moments! Recent updates include fresh interior paint, brand new carpet in all of the bedrooms, and 2 new AC units! Location is A+, walking distance to one of the schools, nearby the San Tan Village and Agritopia ! MUST SEE!!

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2629 S Parrish -- Mesa, AZ 85209

$599,999

4 Beds

2 Baths

2,490 SqFt

Status Active

MLS # 6719048

Property Type Single Family Residence

Price Type --

You will love living in the Prestigious Augusta Ranch Golf Community! This exquisite single-level home offers 4 spacious bedrooms & 2 bathrooms spanning 2,490 sq ft of beautifully designed living space. Step inside to find a bright & open floor plan, ideal for both relaxing & entertaining. The expansive living areas flow seamlessly, providing the perfect backdrop for gatherings with family & friends. Entertainer's kitchen features granite countertops, Gas Stove, & ample Cabinet Space. Step outside to your private backyard paradise, featuring a Heated Pool perfect for year-round enjoyment. The patio area is ideal for outdoor dining & lounging. The home also boasts a 3-car garage, perfect for extra storage. Minutes from 202 & 60 Freeway. This Home is an Absolute Must See!!

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19206 N 39th Place Phoenix, AZ 85050

$599,999

4 Beds

2.5 Baths

2,216 SqFt

Status Active

MLS # 6747012

Property Type Single Family Residence

Price Type --

BIG PRICE DROP!! PERFECT FOR A BIG FAMILY!! Beautiful home with 4 bedrooms and 2.5 bathrooms located in the very desirable Trovare 2 community. Eat-in kitchen with granite Travertine floors and epoxy garage floor. NEW CARPET on the entire second floor! EXCELLENT location with many restaurants and nightlife within a 5 minute drive. Hospital within 5 minutes drive. Reach 11 walking paths within a few blocks. Grassy green areas a couple of blocks away from the house.

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8741 S 167th Drive Goodyear, AZ 85338

$599,999

3 Beds

2 Baths

2,030 SqFt

Status Active

MLS # 6718833

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the stunning Estrella Mountain Ranch master planned community! Nestled at the foothills of the Estrella Mountains, this immaculate Kendrick Model with a premium lot single-story residence boasts 3 bedrooms, 2 bathrooms, and an array of premium features. Key Features:

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23065 E Carriage Way Queen Creek, AZ 85142

$599,999

3 Beds

3 Baths

2,100 SqFt

Status Active

MLS # 6722618

Property Type Single Family Residence

Price Type --

Stunning Fulton home located in the highly desirable community of Barney Farms in Queen Creek! You'll love the open floor plan & 10 ft ceilings. The home boasts a modern open concept design & is loaded with luxurious features that are sure to impress. The kitchen features a huge island with granite countertops, a ton of counter space & storage, a gas stovetop & upgraded, smart appliances. The living area is both spacious & inviting, perfect for family gatherings or entertaining friends. The 16' wall of glass opens up to the backyard, creating a harmonious blend of indoor & outdoor living. Imagine the possibilities as natural light floods the space, making it feel bright & airy. The spacious owner's suite features a HUGE spa shower, double vanities & lots a counter space. Why wait to build when you can own an already established, gorgeous home like this one that's LESS than 2 years old?! In the community of Barney Farms, you'll enjoy access to fantastic community amenities, including parks, walking trails, the lake, pools, playgrounds & more. Plus, you're just minutes away from shopping, dining, & top-rated schools, making this the perfect place to call home.

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3532 E Pinot Noir Avenue Gilbert, AZ 85298

$599,999

4 Beds

2.5 Baths

2,290 SqFt

Status Active

MLS # 6728635

Property Type Single Family Residence

Price Type --

Location, Location, Location!!! Nestled in the prestigious Seville Golf & Country Club community, this exceptional home offers the best in lifestyle and amenities This 4-bedroom, 2.5-bathroom gem is ideally situated with a desirable north/south orientation and backs up to the soccer field at Riggs Elementary School, providing serene views and added privacy. The spacious open-concept floor plan boasts a large kitchen with ample cabinet space, perfect for culinary enthusiasts. The split Primary Bedroom offers generous space and features a luxurious custom walk-in shower. An additional room attached to the master suite can easily be converted into another bedroom, adding flexibility to the home's layout. The front room, equipped with built-in cabinets, is perfect for a home office, catering to modern work-from-home needs. Enjoy the low-maintenance backyard and the vibrant community that makes Seville an A+ choice. Don't miss out on this fantastic opportunity to own a home in the coveted Seville neighborhood in Gilbert. You won't be disappointed!

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5161 N Scottsdale Road Eloy, AZ 85131

$599,999

3 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6666215

Property Type Single Family Residence

Price Type --

Situated in the Robson Ranch golf course community, this CALABRIA model is perfect for anyone wanting a property w/ PRIVACY, SPACE & OUTDOOR OASIS! Private entrance w/ beautiful pond, CASITA & shaded courtyard w/ gas fireplace, a cozy space for hosting! Integra-Block construction, new A/C unit. Ext 4 ft. garage w/ built in cabinets & ample attic storage space. INTERIOR FEATURES: ext. bedroom nooks, plantation shutters, mood lighting, hardwood floors throughout den, hallways, living room. Neutral tiles & carpet throughout rest of house. Gas appliances. EXTERIOR FEATURES: Outdoor kitchen, misting system, separate screened in patio off master, hot tub, backyard gas firepits, pond w/footbridge, and for garden enthusiasts- separate garden enclosure area. Owner/agent Venture to the tranquil backyard, offering enclosed and covered patios, built-in BBQ, soothing pond, and a fire pit. What's not to like? Create new memories in this dream home!

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21955 S 219th Place Queen Creek, AZ 85142

$599,999

4 Beds

3 Baths

2,429 SqFt

Status Active Under Contract

MLS # 6696421

Property Type Single Family Residence

Price Type --

Come see this well-maintained original owner home in Crismon Heights that sits on a premium oversized homesite with no backyard neighbors! This floor plan offers 4 bedrooms and 3 full baths in 2429 SqFt with an open great room layout. The kitchen features staggered white cabinets with crown molding and a built-in desk, granite counters, tile backsplash, stainless appliances including a gas range with double ovens, a walk-in pantry, an island with breakfast bar, and a spacious dining area with new large picture windows overlooking the backyard. Glass French doors in the great room let in tons of natural light and lead out to the covered patio and beautifully landscaped backyard. The extensive paver patio provides lots of room for entertaining, and the backyard also has grass for kids and pets to play on, a tranquil fountain, and side yard with lemon and lime trees and a double gate. The primary bedroom has a charming window seat, and a private en-suite bath with dual sink vanity with granite countertop, separate tub & shower, and a big walk-in closet. Other features include a spacious laundry room with upper/lower cabinets & sink; tile, luxury vinyl, and laminate flooring throughout (no carpet!), vaulted ceilings, and an oversized 3 car tandem garage with service door. Great location close to parks and trails within the community, and just a short bike ride to the upcoming Queen Creek Aquatic center opening soon!

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